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IndieGoGo Founder: Crowdfunding Tips For Entrepreneurs On The Hunt For Cash

IndieGoGo Founder: Crowdfunding Tips For Entrepreneurs On The Hunt For Cash

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Published by: Crowdsourcing.org on Jul 21, 2011
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12/16/2013

 
IndieGoGo Founder: Crowdfunding Tips ForEntrepreneurs On The Hunt For Cash
By:Slava Rubin,July 19, 2011
 
Aspiring entrepreneurs face new challenges in the new economy: credit card limitsare down, banks are stingy with loans, grants are harder to find and odds are thatonce-rich uncle is now underwater on his mortgage. Put simply, once reliableshortcuts for startup funding aren't so reliable anymore.But in some ways, startup funding is actually more accessible now thanks to socialnetworking and crowdfunding platforms that match amazing new ideas withpeople who want to be part of the next big thing.AtIndieGoGo,we connect aspiring innovators and creators -- inventors, entrepreneurs, restaurateurs, designers -- with the millions of people worldwidewho want to be a part of exciting new ventures. Anyone can create a campaign tofund any dream, any passion, any idea that just needs some capital to get started.The secret to creating a dynamic campaign that engages people is appealing totheir sense of inspiration while providing confidence that the funding idea isviable. And providing perks -- a sense of membership and participation -- also goesa long way to encouraging potential funders to plug in their credit car numbers.A successful crowdfunding campaign should include six actions:
1. Create engaging video
Explain how the funding will be used, what perks supporters will receive for theirparticipation and why the underlying idea is viable. We've seen that campaignswhich include video receive 122 percent more funding than campaigns based ontext alone.
 
With a new product, it's great to illustrate features via video, just as the creators of theXStylus Crayon for the Nintendo 3DS did to show how their tool could enhance the gaming experience.
2. Identify exciting perks
Provide a sense of exclusivity while also showing a real appreciation for a funder'sparticipation, whether it be a significant discount, early access to a limited editionproduct or a meeting with the founding team.TheWalk In Love Store offered supporters a variety of perks, including t-shirts, stickers, custom prints, blog redesigns and a Smilebooth party.
3. Set up tight deadlines
The deadline for funding small business campaigns should be no more than twomonths. Some fund-seekers are eager to keep the door open, but the reality ispotential supporters respond best to the confidence that a tight deadlinedemonstrates.Instead of using all 120 days available to campaign, Satarii utilized only 60 days to target their goal.
4. Make it a team effort
Starting off a solo campaign may seem sensible, but actually campaigns with atleast four people on the team outperform solo ventures. That's partly because teamsbring to campaigns wider social networks. Indeed, on IndieGoGo teams raise 70percent more than ventures with just one person involved.Consisting of six team members, thein.gredients campaign is well on its way to funding its endeavor for a package-free grocery store.
 
5. Share, share, share
Once a team has assembled and developed an engaging campaign, team membersneed to activate their connections through social media. A robust online presencegives a project energy and jumpstarts participation. Beyond traditional use of Facebook, Twitter and YouTube, specific tips include:Sending personal emails with a direct ask to your friends and colleaguesMaking sure personal emails -- even those not directly related to the project -- include an email signature that reminds people what you're doing, and howthey can help your ventureStaying in touch: campaigns that provide more than a dozen updates win 60percent more funding than those providing only a few updatesSpreading widgets on personal blogs and via emails that link back to thecampaign and contain progress updatesResponding to comments and questions on the campaign site and acrosssocial networks allows people to connect with the creators and helps themdecide how or why they may want to supportWhile going wide provides campaigns with a broad base of potential funders, it'sessential to pay special attention to the audiences that are most likely to care aboutwhat the campaign creators are trying to accomplish. That starts, fundamentally,with the people who care most about the creators: family, close friends, Facebook friends and personal contacts.

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